Deal Scan: MidCap's 2nd CLO of 2017 Tops $1B

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Second Serving: MidCap Financial Services Capital Management is marketing its second mid-market CLO of the year in the $1.05 billion Woodmont 2017-2 Trust. The deal boosts MidCap’s total CLO assets under management to $1.7 billion. MidCap is managed by Apollo Capital Management. S&P Global Ratings has assigned ratings.

Refinancing: S&P also issued a pre-sale report Thursday for refinancing of 3i Debt Management’s Jamestown CLO III, a 2013-vintage CLO. The new terms include a reduction in the AAA coupon to Libor plus 114 basis points, down from the original spread of 145 for the $287.7 million Class A-1A replacement notes. 3i also obtained a lower fixed rate on the AAA-rated $20 million Class A-1B tranche.

Two pricings occurred in the market on Wednesday, according to JPMorgan: KVK Credit Strategies’ $494 million KVK CLO 2015-1 refinancing, and PGIM’s refi of the €443 million Dryden 35, originally issued in 2014. Goldman Sachs arranged both deals.

Student Loans: S&P assigned a preliminary A rating to $42.3 million in 2017-A senior notes and a triple-B for $8.1 million in notes being issued by the Vermont Student Assistant Corp. Both classes are backed by private fixed-rate student loans under the firm’s Student Advantage and Parent Advantage Loan programs through Bank of America Merrill Lynch.

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